VGZ.TO · 2022-06-13 12:00:00

Vista Gold Corp. Exploration Drilling Program at Mt Todd Outlines Multiple Resource Expansion Targets

Exploration Programs

__________________ NEWS _________________

Denver, Colorado, June 13, 2022 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the

“Company”) today announced its successful completion of the exploration drilling program at its 100% owned Mt

Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia. Results from this program

and historical sources demonstrate the resource growth potential within a 5.4 km trend extending immediately north

from the Batman pit, including delineation of four highly prospective exploration targets.

Highlights

 Identified four exploration targets potentially representing up to an additional 1.8 to 3.5 million gold ounces

(see cautionary information below);

 Demonstrated continuity of mineralized structures from the Batman deposit to north of the Golf-Tollis

deposit (+2 Km), which is approximately 3 Km south of the Quigleys deposit;

 Drilled 26 holes for a total of 8,887 meters, with depths from 116 to 901 meters;

 21 assay intervals with gold grades exceeding 10 grams of gold per tonne (“g Au/t”) representing 11.05

meters of drill intercepts;

 52 assay intervals with gold grades exceeding 5.0 g Au/t (inclusive of the above) representing 34.51 meters

of drill intercepts;

 485 assay intervals with gold grades exceeding 1.0 g Au/t (inclusive of the above) representing 408.42

meters of drill intercepts; and

 1,165 assay intervals with gold grades exceeding the current Mt Todd resource cut-off grade of 0.4 g Au/t

(inclusive of the above) representing 1,083.31 meters of drill intercepts.

Frederick H. Earnest, President and Chief Executive Officer of

Vista, commented, “The recently completed drilling of 26 holes

for 8,887 meters consistently intersected mineralization

predicted by our geologic model and demonstrated both

horizontal and vertical continuity of the targeted structures.

This program successfully identified four quality exploration

targets with combined resource growth potential of 1.8 to 3.5

million ounces of gold and other potential structures along a

5.4-km portion of the 24-km Batman-Driffield Trend. When

appropriate, future drilling can be undertaken to efficiently drill

out these targets and define additional gold resources. We are

extremely pleased with our drilling results and believe there is

opportunity for significant resource growth and extension of the

Mt Todd mine life.”

7961 Shaffer Parkway

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Exploration Drilling

Mr. Earnest continued, “As previously reported, the primary purpose of this exploration program was to demonstrate

that the Batman, Golf-Tollis, and Quigleys deposits are part of the same system, linked by mineralized structures.

The drill holes in this exploration program intersected the mineralized structures, demonstrated our ability to predict

where the mineralized structures will be encountered, and confirmed the continuity of the mineralization between

the known deposits.”

Figure 1 provides an aerial view of the drill locations for the holes completed in the program. The image shows the

Batman pit located in the lower-left (southwest) corner and the Golf-Tollis pits adjacent to VB21-009 and extending

northeast to the Quigleys deposit. VB22-002 represents the initial drill hole into the previously undrilled Penguin

target.

Figure 1 – Location Map of the 26 Drill Holes Completed

Table 1 details the location coordinates of each drill hole, as well as bearing, dip, and final down the hole length.

Table 1 – Drill Hole Program Summary Information

Drill Hole ID Easting

(GDA94)

Northing

(GDA94)

Elevation

(m) Dip (°) Azimuth

(°) TN

Total Length

(m)

VB20-001 (1) 187603 8435654 148 -58 267.87 326.82

VB20-002 (1) 187288 8435933 143 -58 267.87 280.36

VB20-003 (1) 187272 8435933 140 -55 267.87 299.82

VB20-004 (1) 187251 8435933 144 -50 269.87 148.04

VB20-005 (1) 187263 8435896 151 -61 269.87 197.86

VB21-001 (1) 187290 8435899 152 -61 269.87 234.45

VB21-002 (1) 187662 8436402 164 -50 269.87 458.60

VB21-003 (1) 187322 8435849 158.8 -62 271.87 285.68

VB21-004 (1) 187942 8436407 148 -50 87.87 410.80

VB21-005 (1) 187586 8436404 154 -50 269.87 445.68

VB21-006 (1) 187629 8435852 132 -50 92.87 347.67

VB21-007 (1) 187618 8436518 148 -50 272.87 299.85

VB21-008 (1) 187758 8436406 137 -50 272.87 477.34

VB21-009 (1) 188222 8436800 143 -50 89.87 437.50

VB21-010 (1) 188071 8436413 153 -50 85.87 417.38

VB21-011 (1) 187728 8436500 148 -50 264.87 398.78

VB21-012 (1) 188435 8436405 155 -50 260.87 901.16

VB21-013 187424 8436407 169 -53 86.37 311.85

VB21-014 187385 8436200 164 -50 88 368.75

VB21-015 187352 8436200 164 -55 264.87 341.69

VB21-016 188936 8437334 142 -68 120.87 449.53

VB22-001 187386 8436295 178.5 -56 86.87 203.76

VB22-002 188671 8437377 151 -55 267.87 116.67

VB22-003 187614 8436703 173 -56 84.87 281.80

VB22-004 187520 8436600 181 -55 85.87 224.71

VB22-005 187467 8436499 184 -56 84.87 220.94

Total 8,887.49

Note (1): Drill holes were disclosed in previous press releases.

Table 2 details the intercepts of interest for drill holes VB21-013, 014, 015, 016, and VB22-001, 002, 003, 004,

and 005.

Table 2 – Intercept summary

Notes:

(i) Results are based on 50g fire assay for Au.

(ii) Intersections are from diamond core drilling with half-core samples with 1 meter representative samples.

(iii) Core sample intervals were constrained by geology, alteration or structural boundaries, intervals varied between a minimum of 0.2 meters to a

maximum of 1.2 meters.

(iv) Mean grades have been calculated on a 0.4 g Au/t lower cut-off grade with no upper cut-off grade applied, and maximum internal waste of 4.0 meters.

(v) All intersections are downhole intervals and reflect approximate true widths.

(vi) All downhole deviations have been verified by downhole camera and/or downhole gyro.

(vii) Collar coordinates surveyed by Earl James & Assoc., an independent surveyor, using Trimble R8 GNSS.

(viii) The Company maintains a quality assurance/quality control (“QA/QC”) program, as further described below.

MGA94

Grid

Easting

MGA94

Grid

Northing

Elevation

(m)

Azimuth

(°)

Dip

(°)

Depth

(m)

From

(m)

Interval

(m)

True

Thickness

(m)

Grade

(g/t Au)

Sample

Type

VB21-013 187423.0 8436409.0 169.0 86.4 -53.0 311.9 130.0 136.0 6.0 3.9 1.25 HQ ½ Core

and 144.0 156.0 12.0 7.9 3.11 HQ ½ Core

including 144.0 148.6 4.6 2.9 6.08 HQ ½ Core

including 151.0 155.0 3.9 2.5 2.03 HQ ½ Core

VB21-014 187385.0 8436200.0 164.0 85.0 -50.0 368.8 28.0 32.0 4.0 2.6 0.90 HQ ½ Core

and 137.0 143.3 6.3 4.0 0.49 HQ ½ Core

and 247.2 250.0 2.8 1.8 1.74 HQ ½ Core

and 257.0 269.0 12.0 7.7 1.48 HQ ½ Core

including 264.0 269.0 5.0 3.2 2.08 HQ ½ Core

VB21-015 187352.0 8436200.0 164.0 264.9 -55.0 341.7 84.0 85.0 1.0 0.8 3.50 HQ ½ Core

and 131.0 132.0 1.0 0.8 7.39 HQ ½ Core

and 146.0 151.0 5.0 4.0 0.64 HQ ½ Core

and 196.0 204.1 8.1 6.5 2.16 HQ ½ Core

including 201.0 202.0 1.0 0.8 12.34 HQ ½ Core

VB21-016 188936.0 8437334.0 142.0 120.9 -68.0 449.5 207.0 211.0 4.0 3.5 2.23 HQ ½ Core

and 394.0 395.0 1.0 0.6 4.76 HQ ½ Core

VB22-001 187386.0 8436295.0 178.5 86.9 -56.0 203.8 44.0 51.0 7.0 4.9 0.75 HQ ½ Core

and 172.8 187.0 14.2 9.9 0.41 HQ ½ Core

VB22-002 188671.0 8437377.0 151.0 267.9 -55.0 116.7 69.0 70.0 1.0 0.7 1.48 HQ ½ Core

VB22-003 187614.0 8436703.0 173.0 84.9 -56.0 281.8 0.0 7.3 7.3 4.1 0.45 HQ ½ Core

and 14.6 15.1 0.5 0.3 3.69 HQ ½ Core

and 108.9 109.2 0.3 0.2 17.50 HQ ½ Core

and 172.0 173.0 1.0 0.6 1.53 HQ ½ Core

VB22-004 187520.0 8436600.0 181.0 85.9 -55.0 224.7 23.0 26.0 3.0 2.1 1.41 HQ ½ Core

and 88.9 93.0 4.1 2.9 0.69 HQ ½ Core

and 99.0 101.0 2.0 1.4 0.84 HQ ½ Core

VB22-005 187467.0 8436499.0 184.0 84.9 -56.0 220.9 100.0 102.0 2.0 1.4 1.14 HQ ½ Core

and 133.0 137.0 4.0 2.8 0.53 HQ ½ Core

and 143.0 146.0 3.0 2.1 1.99 HQ ½ Core

and 160.9 167.0 6.1 4.2 0.61 HQ ½ Core

Grid Co-ordinates Survey Data Intersections

Hole No.

(ix) The assay laboratories responsible for the assays were Northern Analytical Laboratories Pty Ltd (“NAL”), an independent ISO 9000 certified lab,

Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.

Mining License Exploration Potential

Figure 2 provides a graphical representation of the relationship between the Batman, Golf-Tollis, and Quigleys

deposits. The left-hand side of the figure illustrates the geophysical similarities of the deposits. The right-hand side

of the figure shows the major connecting structures between the deposits, the previously unidentified connecting

structures known as the Northern Cross Lode (“NXLD”) and Southern Cross Lode (“SXLD”), and new suspected

fault trends.

The long section in Figure 3 below details historical drilling, Vista’s drilling, and the relationship of the Batman,

Golf-Tollis, and Quigleys deposits. As reported in earlier press releases, the historical drilling was nearly all shallow

at that 100 meters in depth and drilled using reverse circulation drilling, which made it very difficult to gain a clear

understanding of the sturctural characteristics of the trend. Vista’s exploration program has collected HQ core with

holes located and oriented to drill below the historical drilling to prove both vertical and longitudinal continuation

of the mineralization.

Figure 3 – Long Section Between Batman and Quigleys Deposits with Known Mineral Resources

and Exploration Targets

Based on the most recent exploration program, the Company believes that several of the identified areas in the above

long section contain the potential to host additional mineralization.

 Batman North – has the potential for 500,000 to 1,000,000 oz Au contained within 15.5 to 35 Mt grading

0.8 to 1.2 g Au/t.

 NXLD and SXLD – have the potential for 400,000 to 800,000 oz Au contained within 10 to 20 Mt grading

1.2 to 1.5g Au/t.

 Golf-Tollis – has the potential for 210,000 to 320,000 oz Au contained within 3.5 to 6.5 Mt grading 0.9 to

1.4 g Au/t.

 Quigleys Deposit – has the potential for an additional 700,000 to 1,400,000 oz Au contained within 11 to 16

Mt grading 1.1 to 1.4 g Au/t.

The exploration target potentials were derived by the similarities to the Batman deposit sheeted vein system and

their surrounding mineralization, as evidenced by drill intercepts in the exploration target area across vertical cross

and long sections. The volume of the modeled areas determines the potential tonnage statement in the exploration

target. The grade range given in the exploration target is determined with consideration to the drill results within the

modeled exploration target area and consideration of the geological setting in an established mining camp where

grades are generally observed to increase with depth. The potential tonnages and grades are conceptual in nature and

are based on previous drill results that defined the approximate length, thickness, depth and grade of the portion of

the historical resource estimate. There has been insufficient exploration to define a current mineral resource and the

Company cautions that there is uncertainty whether further exploration will result in such exploration targets being

delineated as a mineral resource.

The upper NXLD / SXLD intercepts represent the high-grade zone within the Batman-Driffield Structural corridor

and given that these structures have yet to be targeted or systematically explored, they represent excellent

opportunities for discovery of near surface, high-grade mineralization. Structures parallel to the NXLD / SXLD are

most likely to host high-grade, near surface mineralization within the Mt Todd package.

Exploration License Exploration Potential

Within the Project Exploration Licenses (ELs), which cover 1,650 contiguous km2, there are a significant number of

known mineralization occurrences and indicators. Much of the ELs are not well explored. However, there are a

number of similarities to the MLs. The most important of which is the similarity between the Batman-Driffield

Structural Corridor (located on the Mining Licenses) and the Cullen-Australis Structural Corridor to the north and

east on the Exploration Licenses.

Figure 4 – Exploration Licenses and Mineral Occurrences

Figure 5 illustrates the structural trend similarities between the known structures within the Batman to Quigleys

deposits and the mostly unprospected Cullen-Australis Structural Corridor.

Figure 5 - Details the Structural Similarities between the Batman-Driffield Structural Corridor and the

Cullen-Australis Structural Corridor

The sampling method and approach for the surface geochemistry and grab samples is as follows:

 Soil samples are planned on a regular grid and a sample sheet is generated.

 GPS is used to locate sample positions and a pelican pick is used to clear debris and any topsoil from the

sample location 3.

 The hole is dug to the B horizon and 7 to 10 kg of soil is collected and coarse sieved to remove stones, etc.;

a fine mesh is then employed and the entire sample recovered post sieving is bagged.

 Soil sampling is usually undertaken in the dry season; however, if wet samples are obtained, they are dried

in the logging shed prior to sieving.

 Sample bags are calico and purchased pre-numbered; these are then packaged in groups of 5 for

transportation to NAL, an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory

Services Pty Ltd, Perth, WA, which is also independent from Vista.

 As the site is closed to public access, no special security measures are undertaken.

 A sample submission sheet is sent to the lab, detailing required methodology, and number of samples.

 No identifying data relating to sample location is recorded on the bags submitted or the paperwork beyond

bag numbers.

Rock chip and soil geochemical samples are routinely collected to determine if the potential exists for anomalous

gold values below the surface. The presence of anomalous gold grades is not a guarantee of subsurface

mineralization. While both rock chip and soil samples have sampling procedures, it is not considered rigorous

enough to be relied upon for use in the estimation of mineral resources. Surface soil and rock chip samples are merely

considered to be potential indicators of subsurface mineralization. Since the rock chip and soil assays are not used

in mineral resource estimation, it is rare that any additional QA/QC or check assaying would be completed. The data

are used on an as received basis.

It is the QP’s (as defined below) opinion that the sample preparation methods and quality control measures employed

before dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (“QP”) as defined by Canadian National Instrument 43-

101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has verified the data underlying the information

contained in and has approved this press release. The information contained in this press release does not change

any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report,

Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia. The information

contained in this press release is provided to inform the reader of the growth of our geologic understanding of the

Project. There has been insufficient exploration to define a mineral resource with respect to the exploration target

areas and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral

resource.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

 The drill core, upon removal from the core barrel, is placed into plastic core boxes;

 The plastic core boxes are transported to the sample preparation building;

 The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-

half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference.

The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical

testwork;

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